March 29, 2013 1859 VIEWS
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Thursday 28 March 2013/The Guardian UK/Juliette Garside

 

 

Fred Goodwin, RBS's chief when it announced the second largest loss in UK corporate history, could be summoned to give evidence. Photograph: MCP/Rex Features

Royal Bank of Scotland is being sued for misleading investors during its £12bn emergency fundraising in 2008, in a landmark joint claim brought by Dutch bank ING and pension funds for British coal miners.

The suit, which could see former RBS chief executive
Fred Goodwin summoned to give evidence in court, was filed at the high court in London on behalf of 21 separate claimants.

They invested a combined £130m at the peak of the financial crisis, when RBS propped up its balance sheet by selling shares at £2 apiece, only four months before it announced the second largest banking loss in UK corporate history.

 

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